Breakingviews

JPMorgan M&A fee spat has fuzzy logic

March 18, 2010

Imagine a world where bankers are paid according to their actual efforts. A judge in Australia has brought that fantasy a little closer, by denying JPMorgan A$31 million ($28.6 million) of fees it claimed for defending a company from a takeover that turned into a bidding war. But the implied logic -- that advisers should get paid for what they did, not for what eventually happened -- is fuzzy

China’s yuan rebuttal puts U.S. in a bind

March 15, 2010

Name-calling doesn't hurt -- unless the tag happens to be "currency manipulator". U.S. Treasury Secretary Tim Geithner has a month to decide whether to lay that epithet on China in his half-yearly report. Premier Wen Jiabao's muscular denial this weekend that the yuan is undervalued makes that more likely. But retaliation would be costly for the United States.